By Marlo Glass, MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – The ICE Futures canola market was lower at the start of Thursday’s trading session, hitting chart resistance after posting gains for three consecutive days.
According to one private company, canola has not matched gains in comparable vegetable oils recently, which mean it’s competitively priced.
A lower tone for soy oil on the Chicago Board of Trade kept pressure on prices this morning.
The Canadian dollar was slightly weaker, which prevented further losses for canola values. The dollar was around 74.56 cents on Thursday morning.
About 2,500 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola May 464.40 dn 2.50
Jul 472.50 dn 2.50
Nov 481.90 dn 2.00
Jan 488.20 dn 2.10
